BOSTON, Feb. 9 /PRNewswire/ -- According to the Yankee Group, holiday
returns for the 2000 holiday season exceeded $1 billion. Return rates for
many online retailers are much higher than in prior years - reaching as high
as 20% to 30% for many retailers. With online sales in the US exceeding $9
billion for the fourth quarter of 2000, the dollar volume of returns for the
holiday season will exceed $1 billion, and could easily approach $1.5 billion.
The Yankee Group's estimates are based on surveys over the past few weeks of
online retailers and several returns management outsource providers.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000609/YANKEELOGO )
According to Paul Ritter, director of Yankee Group's Online Retail
Strategies Planning Service, there are many reasons for the higher volume and
greater return rates for the 2000 holiday season:
-- Online sales for the 2000 holiday season were 70% higher than the sales
for the 1999 holiday season;
-- Online Shoppers "hedged their bets" by purchasing the same product on
multiple Web sites, with the hope that at least one of the orders would
arrive in time and the one that didn't would just get returned; and
-- Shoppers are becoming more comfortable buying products online that have
traditionally been bought in stores in which consumers can actually
see, touch, or hear the products they are buying. Many of these online
purchases aren't what they were expected to be, so they return the
items are returned.
This month the Yankee Group is publishing a research report on reverse
logistics and best practices for handling returns. The Report examines the
issue of reverse logistics, provides an overview of best practices, and
outlines recommendations for retailers to reduce return rates and improve
financial performance. To receive an executive summary of this Report, please
send an e-mail to returns@yankeegroup.com.
Contact:
Hanna Roach Media Relations 617-880-0360 hroach@yankeegroup.com
The Yankee Group (www.yankeegroup.com)
As a global leader in technology research and strategic consulting, the
Yankee Group provides impartial and practical analysis, benchmarking studies,
best practices audits, custom consulting, and personalized one-to-one client
inquiry encompassing all areas essential to e-business success: the Internet,
electronic commerce, communications, wireless/mobile, computing, and
enterprise applications. Established in 1970 and headquartered in Boston, the
company maintains offices throughout North America, Europe, Latin America, and
the Pacific Rim.